Academics unsure of hedge fund managers' skills

Echoing earlier results, but using a different method, a couple of American academics say their analysis shows that the money-management capabilities of hedge fund managers seem to be no better than those of managers of mutual funds. Jin Xu, a Zebra Capital employee, and John Griffin, associate professor at the University of Texas at Austin, concluded: "Overall, our study raises serious questions about the proficiency of hedge fund managers."